China Takes on Swift With New Cross-Border Payment System

China is reportedly preparing the commercial launch of a digital currency-focused cross-border payment program. The new platform, dubbed “mBridge,” is being backed by the central banks of China, Hong Kong, Saudi Arabia, Thailand and the United Arab Emirates, the Financial Times (FT) reported Saturday (June 13), citing sources familiar with the matter. While it’s not clear when the system will launch, the sources said preparations were in their advanced stages, and that fees for using the service